ALBUQUERQUE, N.M. -- The $3 billion Sandia National Laboratories pension fund is shifting $225 million to international equities from U.S. equities, said Jane Farris, pension fund manager.
Sandia has added three money managers she wouldn't name to run the additional international investment, Ms. Farris said. The fund also will boost its current passive international portfolio.
Of the new hires, she said, "two were more small-cap than large, and one was more large-cap than small."
The additional investment will bring the fund's international equity portfolio to $615 million, of which 60% will be invested passively, Ms. Farris said.
Frank Russell was the consultant.